- No matter how much developers care about the security of trading platforms, there is always a risk of hacking and theft of user funds. Thus, it is advisable not to keep all your finances in just one place. Look for details in the course.
- First let’s understand the terminology:
Crypto exchanges are trading platforms where you can make financial transactions with digital currency.
Crypto wallets are virtual wallets necessary for the safe storage of digital currency.
After buying a cryptocurrency, often a novice trader is faced with the problem of storing these virtual funds. Of course, you can leave them on the exchange account. But what if we consider other options? A generally accepted option for storing cryptocurrency in terms of its reliability is a hardware-type wallet. It is the most secure, as it connects to the network only when necessary, and is offline the rest of the time.
Thus, access to funds is almost impossible. Such a wallet is protected in various ways – from cryptography to biometrics. But it is worth recognizing that this option may not be suitable for those traders who rely on activities other than long-term investment. If frequent operations with virtual coins are planned, it makes sense to start a cryptocurrency wallet on the Internet.